As one of Asia’s most developed, efficient, and cosmopolitan cities, Singapore is a top destination for expats seeking career opportunities, world-class infrastructure, and a high quality of life.
In this guide, we’ll walk you through everything you need to know about relocating to Singapore from a personal tax perspective, including tax residency, income tax, special tax regimes and tax return obligations.
TaxPilot recommend that you organize your affairs in good time to get ahead and make the most of favorable tax treatment while making sure you’re meeting your tax return obligations.
Singapore follows a territorial taxation model. You will pay tax on local sourced incomes only, irrespective of your resident status.
if you spend more than 182 days in Singapore during any 12 month period.
Tax on property and share sales
Tax on value of owned assets
Tax on assets passed to heirs
Tax to contribute to state welfare
If you receive incomes overseas while you are living in the Singapore, you may find the source country, as a starting point, continues to tax the income.
Double taxation agreements may remove the source countries taxing right and thus, enable you to receive incomes tax free globally.
At present, Singapore has 102 double taxation agreements signed.
